On Monday, LendInvest announced the launch of its new process for development finance borrowers to transition seamlessly between products. According to the online lender, the Product Transition process allows existing borrowers to transfer easily between specialized loans that are tailored to support them at each stage in their development project.
“Whichever way a borrower needs to transition from one loan type to another, whether it’s from Pre-Construction Finance to Refurbishment Finance, or Development Finance to a Development Exit loan, LendInvest’s specially-developed product transition process ensures that all of the borrower’s funding requirements are met while cutting back the cost, complication and time consumption usually associated with refinancing.”
LendInvest also reported that borrowers who transfer from one development finance product to another with LendInvest will experience and benefit from the support and help of exactly the same team they dealt with when they originally applied for their first loan. Borrowers will then speak directly to the same relationship manager, as well as liaise with the same lawyers and professional team. LendInvest noted:
“Not only does this continuity of service speed up the administrative process for completing a loan transfer, but it means the professionals facilitating the new loan will be familiar with the borrower and their invariably unique background.The borrower will also benefit from a shorter application form, reduced underwriting on their subsequent loans and the use of an internal quantity surveyor.”
While sharing more details about the feature, Ian Thomas, Co-Founder & Chief Investment Officer at LendInvest, stated:
“As a modern mortgage lender, we are continually thinking and devising new innovations that transform for the better how our developers can access the finance they need and move as smoothly as possible through the loan process. It is not just a matter of knowing what the borrower needs now, but also confidently anticipating what they will need in the coming months – and even years – that follow.”
Steve Larkin, Director of Development, added:
“In building this fluid transition process, which exists nowhere else in the market, we ensure that we have even more flexibility to consistently deliver the best service whilst passing on savings in time and money to the borrower.”